Petrobras may need to re-publish Q1 results due to accounting issue- regulator

SAO PAULO May 20 (Reuters) - Brazil's state-run oil company
Petroleo Brasileiro SA could be forced to re-publish
first-quarter results after it included a contract completed
after the reporting period, the president of Brazil's markets
regulator said on Wednesday.

Petrobras, as the company is known, included 1.3 billion
reais ($433 million) on its balance sheet related to a contract
with state-run utilities company Eletrobras that was
only closed on May 7, 37 days after the end of the first
quarter.

Leonardo Pereira, president of markets regulator CVM, said a
decision would be made based on guidance from the Accounting
Pronouncements Committee (CPC), an independent body which lays
out norms for reporting practices that are usually adopted by
the CVM.

"If it is proven that a company has not followed accounting
norms of the CPC on this issue, it could be forced to re-publish
its results," Pereira told reporters at an event in Sao Paulo.